John Cashwell and Eric Storch to Join GSO Capital’s Customized Credit Strategies Group

New York, August 3, 2010 – GSO Capital Partners LP, the credit arm of The Blackstone Group (NYSE: BX), today announced that John Cashwell and Eric Storch have joined GSO as Managing Directors and Co-Heads of Institutional Marketing for GSO’s Customized Credit Strategies Group. They will lead an effort to expand GSO’s already large presence in long-only credit products for institutional investors through both commingled funds and separately managed accounts. Mr Cashwell and Mr Storch join from Seix Investment Advisers.

Commenting on the appointments, Bennett Goodman, Senior Managing Director and Co-Founder of GSO, said: “We welcome John and Eric to our platform. They will help us deliver investment solutions that meet our clients’ needs.”

About GSO Capital Partners

GSO Capital Partners, with approximately $29 billion of assets under management, is one of the largest credit-oriented asset managers in the world and a major participant in the leveraged finance marketplace. GSO Capital Partners seeks to generate superior risk-adjusted returns in its credit business by investing in a broad array of public and private instruments across multiple investment strategies. Key areas of focus include mezzanine investments, distressed situations, credit hedge funds, leveraged loans and other special situation strategies.

About Blackstone

Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com